The 4 Types of Business Plans: What They Are and Who They Are For
What Is A Business Plan (& Do I Really Need One?)
Discover why many so many new businesses begin with an idea & a napkin
You’ve been thinking about this for a decade. You are going to open the perfect coffee shop.
You’ve worked at three different cafés in the last nine years (four if you include the one where they didn’t have a POS and you only lasted a week). Your list of what-not-to-do is as long as your list of to-dos. You even have your eye on a spot with great sidewalk seating. You bought some rad chairs last month and have them stored in your cousin’s garage.
But you know that starting a coffee shop is expensive, and you’re going to need more money than you have saved. So the first thing you think to do is call your bank, and the first thing they ask you is if you have a business plan. You pause, and for a split second, you think to reply, “Yeah, my plan is to open a café.” But you’re smarter than that, and you know that can’t be what she’s asking. “Um,” you say, formulating your thoughts, “I’m still working on the formal plan. Will I need that ready for next month’s meeting?” The banker says yes, and you start to sweat.
So after hanging up, you Googled “what is a business plan,” and that brought you here. And now you’re waiting for me to get to the point and finally tell you the answer.
First, take a deep breath. You got this.
Ok, ready?
Let’s start with a simple definition:
A business plan is a document that describes a company’s objectives and its marketing, financial, and operational strategies for achieving them.
Depending on the needs of your business, the length of your plan will vary. But one thing is certain: your business plan should be written with the audience in mind, and the closer you are to opening your business, the more details and specifics they’ll want to see.
A business plan should not only be a guide for you but also be a way for you to share your vision with others. And a business plan isn’t just for startups; it should be a living document that is flexible and can expand to meet your needs.
Want to read more?
Learn about the 4 types of business plans, what they include, and who they’re for on our website: https://blog.masterplans.com/what-is-a-business-plan
For 20 years, Masterplans has been the industry leader in developing fundable business plans and pitch decks for startups and early-stage businesses. See how we can help you.
